Fukushima operator to post $8.95 billion in net losses

The operator of Japan's Fukushima Daiichi nuclear plant said Monday it expects to post an $8.95 billion net annual shortfall due to costs and compensation payments related to last year’s crisis. Tokyo has promised the firm a similar amount in aid.

AFP - TEPCO, the operator of the crippled Fukushima Daiichi nuclear plant on Japan's northeast coast, said Monday it expects to post a net loss of $8.95 billion in the year to March.

The company said its shortfall would be 695 billion yen, in a year during which it has faced massive costs to deal with reactor meltdowns, as well as increased imports of thermal fuels to make up for a nuclear power shortfall.

The group net loss forecast is worse than a previous prediction for a 600 billion yen shortfall and reflects an increase in projected compensation payouts to those affected by the world's worst atomic disaster in a generation.

Earlier Monday, Tokyo said it had approved a fresh 690 billion in aid for TEPCO to help it meet compensation claims.